Beware of Elderly Financial Abuse

According to financial-planning.com, "elder financial abuse costs older Americans more than $2.6 billion per year and is most often perpetrated by family members and caregivers, according to a new report released by the MetLife Mature Market Institute. The study indicates that for each case of abuse reported, there are an estimated four or more that ...

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3 comments

The statement that family members comprise the largest number of perpetrators of elder financial abuse is false. Are we to believe that more than half of human society are elder abusers? The most common abusers of elders are strangers to the family including attorneys and professional fiduciaries and court appointed conservators/guardians.

Thanks for publishing such an informative article on elder financial abuse. I am a member of PEAC….Prevention of Elder Abuse Coalition in the Prescott Area, Arizona.

I am going to share a copy of this article with the education coordinator, securities division, Arizona Corporation Commission, Terri Alexon; I will also make this information available to our speaker’s bureau. Bob Brooks

I’ve seen both sides of this issue. There are definitely some parasitic people who prey on their aging relatives’ money. However, there are some people who are trying to look out for their relatives’ best interests, and con men have convinced the senior that their ‘kids are just after their money.’ It’d make things a lot simpler for some of us if our relatives spent their money while they could still enjoy it!